ENERGIES: July Nymex crude oil closed down $0.31 at $103.76 today. Prices closed nearer the session low today on mild profit taking after hitting a contract high Wednesday. Crude oil bulls still have the solid near-term technical advantage. Prices are in a steep, three-week-old uptrend on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $105.00 a barrel. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at $100.00. First resistance is seen at the contract high of $104.29 and then at $105.00. First support is seen at $103.00 and then at $102.50. Wyckoff’s Market Rating: 8.0
July heating oil closed down 26 points at $2.9500 today. Prices closed nearer the session low today. The bulls and bears are on a level near-term technical playing field. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.0000. Bears’ next downside price breakout objective is producing a close below solid technical support at the May low of $2.8819. First resistance lies at today’s high of $2.9628 and then at this week’s high of $2.9670. First support is seen at today’s low of $2.9427 and then at then at this week’s low of $2.9284. Wyckoff’s Market Rating: 5.0
July (RBOB) unleaded gasoline closed up 88 points at $2.9883 today. Prices closed near mid-range and hit a fresh four-week high. The gasoline bulls have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the April high of $3.0172. Bears’ next downside price breakout objective is closing prices below solid support at $2.9000. First resistance is seen at $3.0000 and then at $3.0172. First support is seen at today’s low of $2.9734 and then at $2.9600. Wyckoff’s Market Rating: 7.5
July natural gas closed down 11.9 cents at $4.354 today. Prices closed nearer the session low today. The nat gas bears today gained the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.70. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of $4.293. First resistance is seen at $4.40 and then at $4.45. First support is seen at today’s low of $4.349 and then at this week’s low of $4.293. Wyckoff’s Market Rating: 4.0
